Video archive of the US Congress

Senate Proceeding on May 11th, 2010 :: 0:57:15 to 1:05:55
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Judd Gregg

0:56:55 to 0:57:15( Edit History Discussion )

Judd Gregg: senator from connecticut controls 20 minutes. the senator from alabama, 20 minutes. the senator from vermont, 8 1/2 minutes. and the senator from louisiana, nine minutes. a senator: madam president? mr. dodd: how much time does my friend need?

Judd Gregg

0:57:15 to 1:05:55( Edit History Discussion )
Speech By: Judd Gregg

Judd Gregg

0:57:16 to 0:57:37( Edit History Discussion )

Judd Gregg: mr. gregg: i'd ask for five minutes. mr. dodd: five minutes, and if he needs more, the senator from new hampshire. the presiding officer: the senator from new hampshire. mr. gregg: madam president, i want to congratulate the senator from vermont. his original amendment, i had very severe preservations about. he sat down and worked with members on this side of the

Judd Gregg

0:57:38 to 0:57:59( Edit History Discussion )

Judd Gregg: aisle,ith the chairman of the committee and members of the administration and the fed, and has come up with an extremely responsible amendment, which gets to the issues of transparency and to make sure that the fullest extent possible the american people know what's happening withhis significant agency which impacts our lives, but we really don't know that much about it, a lot of

Judd Gregg

0:58:00 to 0:58:21( Edit History Discussion )

Judd Gregg: americans don't, but it impacts our lives pretty directly, and that's the federal reserve. and, chairman bernanke, i also wish to congratulate he and his staff for stepping forward an progressively -- aggrexwively pursuing this which will be positive for both sides. so i intend to support the senator from vermont's amendment

Judd Gregg

0:58:22 to 0:58:42( Edit History Discussion )

Judd Gregg: as amended and appreciate his offering it and appreciate his responsible effort here. i have, however, deep and severe reservations and strongly oppose the senator from louisiana's eavmentd the issue here isn't -- amendment. the issue here isn't transparency with the senator from louisiana's amendment. the issue is whether or not we

Judd Gregg

0:58:43 to 0:59:03( Edit History Discussion )

Judd Gregg: have a federal reserve that can function an pursue its primary purpose which is maintaining the integrity of the currency of the united states. when the federal reserve was created back in 1917, there was a huge debate -- huge debate -- excuse my voice, i'm getting over a little cold here.

Judd Gregg

0:59:04 to 0:59:26( Edit History Discussion )

Judd Gregg: there was a huge debate in this country nce the great depression of 1897 and 1907 about how you managed the currency of this country. and the central figure in that debate was william jennings bryant, a man of immense proportions in our history. he was a populous in the extreme. and he believed genuinely that

Judd Gregg

0:59:27 to 0:59:50( Edit History Discussion )

Judd Gregg: there should be a policy in this country that allowed for free money to be produced essentially. his speech was histo??c. his view was that basically those who were control of the -- of the government, public elected officials should have

Judd Gregg

0:59:51 to 1:00:11( Edit History Discussion )

Judd Gregg: control of the currency. but what had been learned over time is that if you turn control of the officials, the currency becomes at risk because there is a natural tendency by elected bodies to want to produce money arbitrarily to take care of spending which they deem to be in the public interest. and

Judd Gregg

1:00:12 to 1:00:32( Edit History Discussion )

Judd Gregg: that time of a number of thoughtful people, including people like woodrow wilson, the deci?on was made to create a separate entity called the federal reserve which would manage the currency of the united states and decide how much money was printed. and the printing presses would be taken away from elected officials.

Judd Gregg

1:00:33 to 1:00:54( Edit History Discussion )

Judd Gregg: this decision has probably been one of the best decisions we ever made as a nation in order to determine a strong fiscal future and a strong economy, because it has allowed us to have a basically been protected from the winds of the politics of the day. and that is absolutely critical.

Judd Gregg

1:00:55 to 1:01:16( Edit History Discussion )

Judd Gregg: it's even more -- it's as important today as it was when the federal reserve was created, if not more important today. we are seeing a world where there is a tremendous amount of pressure on the currencies of almost every nation, certainly every developed nation with the exception of a few.

Judd Gregg

1:01:17 to 1:01:38( Edit History Discussion )

Judd Gregg: and that pressure inevitably leads to popular outrage on occasion or popular decisions which request that the currency be devalued in order to produce what some people see as a better lifestyle or address some concerns that a nation may have. but you can't do that at the whim of elected officials. it is absolutely critical that a

Judd Gregg

1:01:39 to 1:02:00( Edit History Discussion )

Judd Gregg: currency of a nation protected from the day-to-day activities of politics. and so we have created this federal reserve system which accomplishes at the essence of that the open market committee which decides essentially how much money is going to be in

Judd Gregg

1:02:01 to 1:02:23( Edit History Discussion )

Judd Gregg: circulation in this country. and we have always felt that that system should have integrity, be kept separate from the political process, that members of congress shouldn't have the ability either directly or indirectly to influence the decision of the printing of dollars in this nation.

Judd Gregg

1:02:24 to 1:02:44( Edit History Discussion )

Judd Gregg: it's a good decision, and we should not abandon that course of action. and yet, the vitter amendment couched in all sorts of -- the presiding officer: the senator from new hampshire has used the five minutes he was yielded. mr. dodd: senator shelby has time too. mr. gregg: i would ask for fo minutes off of senator shelby's time.

Judd Gregg

1:02:45 to 1:03:05( Edit History Discussion )

Judd Gregg: the presiding officer: without objection. mr. gregg: senator vitter's amendment, unfortunately, has as its basic purposes the disas sepl pwhrelg of -- disassembling of independent. it would have the congress the authority through the g.a.o. to go in and investigate what

Judd Gregg

1:03:06 to 1:03:29( Edit History Discussion )

Judd Gregg: happens with the open market community. that is clearly going to create consequences which would be inappropriate in the decision-making process of the federal res it would to make decisions in the sense that they would be concerned about congress coming in and investigating. it would open up activities which, if they are not done in

Judd Gregg

1:03:30 to 1:03:50( Edit History Discussion )

Judd Gregg: some level of confidence, inevitably end upl disrupting the markets -- up disrupting the markets. so it is critical market not be allowed to go into the market the federal reserve committee. absolutely critical if we are going to mntain the integrity of the dollar. remember, this is about main street. whether that dollar you take on

Judd Gregg

1:03:51 to 1:04:12( Edit History Discussion )

Judd Gregg: main street to buy clothing or food or a car, whether that dollar has the value, has the value that you think it has depends entirely on whether or not there's confidence that it's not going to be inflated arbitrarily. and if the political process starts to influence the decision as to how much money is printed in this country and, therefore,

Judd Gregg

1:04:13 to 1:04:33( Edit History Discussion )

Judd Gregg: affe the inflationary value of the dollar, you will see your dollar as you try to buy things on main street devalued, and the effect of that will be devastating on your ability as an american citizen to have confidence in the dollars which you earn and what they're going to buy and what they're going to mean when you save them which is

Judd Gregg

1:04:34 to 1:04:54( Edit History Discussion )

Judd Gregg: even more important. so we cannot have a system which allows congress to influence the decisions in this critical all the rest of the activity in the federal reserve, that the federal reserve undertakes should be open, should be audited by the congress and should be available for public inspection on a regular basis.

Judd Gregg

1:04:55 to 1:05:15( Edit History Discussion )

Judd Gregg: essentially what senator sanders' amendment does, there's already a lot of activity opbd d but what it does is expand that and make it more available to the american people. this one area which congress has exempted for review with a logical and appropriate reason that we do not want the politics of the day to enter into the

Judd Gregg

1:05:16 to 1:05:36( Edit History Discussion )

Judd Gregg: decision as to the value of our currency, in this one area we need to keep the exception and give the fed that type of protection. so i strongly oppose the vitter amendment, and i hope that those who are concerned about having maintained integrity of our currency will also oppose this amendment. mr. president, i yield the floor. mr. dodd: mr. president, i

Judd Gregg

1:05:37 to 1:05:55( Edit History Discussion )

Judd Gregg: yield myself ten minutes of my time, if i may, and reser five. if the chair would kindly let me know when that time has expired. the presiding officer: the chair will do so. mr. dodd: first of all, let me thank my friend andolleague from new hampshire. i appreciate the history lesson as well. it's always important that members understand the genesis

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